COMMERCIAL.

Otago Daily Times, Issue 2062, 14 September 1868, Page 2

COMMERCIAL.

; Daily Times Office, Saturday Evening. . The amount of Customs Revenue received to-day on goods cleared for consumption was as follows, viz]: — , £ s. d. £ s . d. Brandy ...41 0 6 Tobacco ...62 2 6 Whhky ... 51 19 5 Tea ....... 11 3 0 Geneva .... 16.13 9 Sugar... ... 36 12 4' Rum '...... 21 9 7 Sundries... 13 7 5 Btld beer.. 9 7 6 ' "' .. Beer inbulk27 10 0 ' Total, £331 6 0 To-day, as throughout the previous part of the week, a very meagre business has been doing. We note limited sales of staple goods, but nothitag of magnitude going forward. No speculative feeling has; been perceptible in the markets, and though tbe weather has been fine, and roads up-country good, no stimulus has in consequence been imparted to trade. Advices from Britain and the Australian Colonies, just received, have not been of a nature to^affect markets, and are ia some respects favorable. In breadstuffs, fi no alteration can be noted; the market! is still inclined to depression, and sales of I flour continue very slender. Holders are now executing some orders for Northern ports, and there is probability of a better demand, the extent of which cannot, however, be foretold. The present position of the

stances. The stocks of flour and wheat are admittedly light, and any accessions from foreign sources can only be trifling, yet the very apprehension of outside supplies causes Bscst unnecessary alarm, and quite prevents the market from regaining tone. Ih Australia, fears of a dryseason, and consequent diminution in ihe amount of the crops, are entertained. Looking at the whole of the circumstances, it is difficult to come to any other conclusion than that higher priceti for breadstuffs must rule, long before, our next, harvest. ,Teas have-not been placed to the extent expected, and yesterday's auction Bale was with these goods a failure ■; had the correspondence per Otago been previously delivered,' a better result might have attended. Our advices from China, via Melbourne, are very ".favourable 7 to holders '* of balances of shipments. All the hew ' season's teasf-; coining., forward, to the colonies have been, bought at high rates, with-ex-changes and freights unfavorable, and cannot belaid down to compete'with 1867-8 ship, ments. ~ From Melbourne advices the facts are gleaned that indifferent and broken congous of the old stock were,realising good prices;, and, that, of the new congous received, after considerable business at full prices, balances were held by importers for high rates, with no probability of any concession. . In liquids we note a very slender business done. {Hennessy's case in small parcels, at 29s 6d; and Islay and Campbellton whiskies, at 5s 6d, in trifling lots, being the only items in spirits known of as quitted. Malt liquors have had even lets attention. No bottled beers are selling, and except the parcels of M'Ewan's ales reported a few days since, and a more recent sale of a small lot of bulk stout, ? nothing seems to have been done. The trade supplied themselves with sugars, ex, Severn, on the llth;. since then, no • private transactions have transpired, except that of a small parcel of yellow crystals at L 34 10s: Ormond's Swiss cigars have been placed at 37s 6'd ; and Raven twist tobacco at Is ?d • also, hams and bacon at low rates to close a shipment. Candles, kerosene, and hemp goods are all. at the moment neglected. There is still a disposition -to do. business in malt, and hops look slightly better. As previously noticed import houses have placed some fair sized Hues of Baltic and Colonial timber, for which full prices have been realised. Nothing, however, has been done in galvanised iron, or any other item in building materials.

The following telegrams were published in the Argus on the arrival of the Suez Mail, but were not transmitted, to the New -Zealand Press :—

m . Hong Kong, July 22. lhe export of tea to Melbourne, from Foo- ? 27- °X fl'°? ft 24th June to date, is 1,540,/OOlbs ; to Sydney, from 26th June to date, 1,333,0001b5. ' ,

Coal.—lhe arrivals have been restricted considerably. The prospect of receiptsfrom England, depressed the market. Sales of Australian were made at 10 rupees 50c. ' " ■ The Ella Gladstone is loading at Canton for Melbourne atX2 15s.

The demand for tea at Shanghai for Australia is active. Freights—Canton to London, 80s to 90a ; Foo-Chow to, London,; 60s ; Shanghai to London, 905.".""

The Melbourne Journal of Commerce of the 3rd inst. has tho following with reference to the flour and grain market:—

Tnepresent position of this market is no doubt a peculiar one. On all sides it *is agreed that stocks in Melbourne were never so light as at present, th? millers particularly being poorly supplied, yet prices do hot ad-

vanoe, speculators haviug apparently lost all faith, aud with it courage, and tho millors preferring to wait a little longer and sco the issue of events. An extract from a letter from a well-known speculator in breadstuffs has been printed in tho columns of our contemporaries, and having been shown to us, we consider ourselves at liborty to cite it. It is to tho following; offt>ot : — "That thero wore no orders in San Francisco, and the Californians, having'lost so heavily in previous years, bad come to the determination not to consign any more on their own account. About SOE)6 tons flour had (_ho says) been shipped from Chili and San Francisco, aud tho only vessels chartered to load wore tho Golden Ago, Day Dawn, Tarit'a, apd Parament, .the first three destined for Sydtaey, and the last for Otago. Wheat was quoted at 2dols. 10c. per luOlbs, and tho > millers wore willing buyers at this prico, their mills ' being clean swej t. Tho Japan, Speedwell, and Herman (since arrived) had sailed for Sydiioy, and tho Tasso for Melbourno." The estimated surplus was 300,000 t0'550,000 tons. Tho harvest in England, as advised this mail, also promised to bo plentiful. The now crop in California was expected in July. In 1867 tho lirst of the new whea,t came into market thero on tho 17.ih June, aud by tho 15th July two cargoes had beon cleared for Liverpool. Tho quantity of land under cultivation there this' year was set down at 25 per cent, moro than that of tho provious one, and as tho yield was expected to bo as much, the product of thiß year's crop may bo considered to bo 50 per cunt, in excess of the former one." ■ ■■> ■

Tho Perth Inquiror (West Australia) remarks in a reocnt issue :—

In trade and exports, thero is nothing noteworthy beyond the faot tbat, in addition to sandalwood, Hour, aad other produce oxporfcod, tho timber of tho colony promises to stand highor than beforo ?i tho export returns of tho year. Largo quantities are being suppliod for. railway construction in ludia, and no timber.in the world is so admirably Adapted for works of the kind. Tho time will como when its great durability and other qualities will bo universally known; and probably that time will be hastened when, wo begin to uso it ourselves in the construction of works of magnitude and importance, and bring it, iii all its nbundanoe and character, to the notice of engineering skill.

With regard to tho New Zqaland clip Messrs., Southoy. and Sons ;state : "A considerable part of the shipments from Kew Zealand have been from the Northern Island, and, as a rule, inferior, both as regards character, growth, and condition— irregulai', and showing generally groat rOom for improved management. The shipments from the Middle Island have included portions of several flocks of good repute;; but we are of opinion that they will not; on tlie whole, bear comparison with those of last, season."

Messrs Morrison and Co.'s circular, of date the 2nd July, reports as follows :—-

When we issued our last circular (on 24th March), a slight improvement in trade was noticeable, and we hoped that things had taken a turn. No ground has beenlost since then j but, at the same time, the onwa.d progress has been by no means rapid, or very decided. The demand for money ior tusiness uses is, in fact, still so moderate tbat the Bank of England rate' of discount remains unchanged at two per cent. Our restricted commerce has permitted it to stand at that figure for nearly twelvemonths. We have had an unusually dry season, and a steady decline in the price of grain ; and very sanguine expectations were entertained as to our harvest, on which, it is felt, that this year everything depends ; but latterly the continued dry weather has caused some anxiety as to the yield,-and the tone of things .generally is hot quite so hopeful. Wool;— The . condition; of the markot, under the influence of easy money and declining prices of corn, held out hopes of a

atjm.£t a T T.npHQ^-.m.ui.tL, WluV/ll liarrc —nxUr~VretHTrealised to the full. The increasingly, large quantity of wool has exercised a pressure on the market,, which it had hardly gained strength enough to sustain. Our second series of sales commenced on 14th May, and conducted pn 27th ultimo. . The quantities .catalogued were,""of— '■':'■'.■. 1' "''■ '" '.:■■ • Bales.- ' Bales. ■New. South Wales"),, . nn .- , „ onnn f, at and Queensland i3l>So° against 2D.000 I period ■;■ l 18G7. Victorian ;.- 87,G00 „ . 01,800 „ South Außtralinn. 25,600 „ . 19,400 '„-•'■ Western Australian. :.. . ..- 2,000 „ 2,300 „ Tasmanian ... 6,500 ,; 8,700 , NewZsalaud ..19,900. „ 28,100 ,', i 174,000 149,300 Cape of Good Hope .. ... 32,500 . 29,700 200,500 179,000 This immense,exhibit (206,500 bales), representing a value of five millions btorling, drew together a very large number of buyers, and the sale opened with animated biddings. Under the influence of foreign compstition, and of the brilliant weather which was giving Buch good hopes of the harvest, ah advance on March sale rates was at once aecured, and prices became firmer from day to day, establishing a rise of a Id on most descriptions. Towards the mddle of the sales, when the more pressing wants had been supplied* and when the German fairs, whichopenea very low, had tempted away a good many of our foreign friends, rates receded, and the advance was lost on all descriptions ; while on some sorts (inferior greasy Adelaides, illconditioned New Zeaiands, and Sydneys of low quality and .condition), we must even own to a reduction below March rates. The drop in prices has not it duced any material holding over for the next (August) sales. There have already arrived for them, of new wools— , Bales. New South Wales and Queensland .;' • 40,500 Victoria, ..... .. .. ... 47.000. . South Australian.. -•--.. '.. .- .. 8,000 Tasmanian -- .. .. "..'•'' .. g;000 New Zealand- .. #i .. '..', 20,000 120,500 Cape of Good Hope •V. .. .. 8,500" . , , ::■„'■• 129,000 And there are afloat and expected in ample time :— New South Wales and Queensland .. 20,000 Victorian ~ ....- .. .. 14,000 South Australian .....' .. 4,600 Tasmanian .. .. .. .. 3,000 New Zealand .. 31,800 74,000 Cape of Good Hope .. .'.' .. 11,000 '■:■..■''■ ■ 85,000 214.000 So that this last enormous sale will be at least equalled by our next; and August has unfortunately not generally received the support of foreign buyers to the same extent as May. ; Increased activity in trade at home, and a further opening of outlets abroad, are wanted to keep pace with the increase in imports, which is now from year to year of serious importance. When the August sales shall have included the quantity mentioned above, we shall have had submitted at auction, this year, in the three sales, 541,500 bales - being very nearly equal to the quantity sold during the whole of last year ; and presuming that there will remain to follow only the same quantity as appeared in our fourth (the -November)' sale last year, the total imports will this year reach 648,500 bales, equal to L 16,000,000 sterling, and the increase will be 102,500 bales, equal to L2 ; 500,000. The quantities catalogued for three years will show the following totals :— 1866. ' 1867. 1868. February.... 80,200 116,400 121,000 May 157,300 179,100 206.500 August 138,200- 143,400 (214,000) *- t , November.... 77,800 107,109 (107,000) estlmated--458,000 - 556,000 648,500 TaUow.—This Market has shown few fluctuations, but has, on the whole, receded. The Trade are supplied by a very iarge home melt, and have felt the Australian import, during the last three months, co be an im*portant element in fixing prices. We have had from the Colonies, for the six months expiring 3Qth June, 16,147_ casks (against 2919 casks forthe same period in 1567); of

which 13,000 have been sold, leaving an present stock, 3,147 casks. Quotations now are~-Good' mufcto/s, 42s 6d to 43s 9d per cwt. j goodboof, 41s6dto 42s 6d por cwt: ; being an improvement of 6d and 9d on tho lowest figuro of onr late sales. Hides.—Tho quantity offering has not been large, and aU have been been cleared at late rates, or even at a slight advance, especially for light, prices being .-—Sydney, Ist heavy, sid por lb ; Sydney, lst light, sid tosgd por lb; Melbourne, the samo; Now Zea and,, Ist heavy, s|d perlb; Now Zealand, Ist light, S^d to s|}d por lb ; present stook is 7,450 against 9,460 iv 1867. Leather.—A fair inquiry still oontinuos. All the arrivals, consisting of about 2,270 bales during tho six have been well placed.. Prosont prices being—Best tanned sides 104 dto lid por lb; seconds and stained, 9Jd to 104 d por lb; present stock about 90 bales.

Wheat.—Thoro has been, as wo have mentioned, a, considerable fall in prices. 'Austrahan wboat, at the date of our last, stood at B'2s por quarter, but the constant sunshine we havo had, and tho steady supply arriving to bur market from all parts, romovodthe anxiety whioh at ono timo prc™nod regarding an adoquato supply. Withm tho last fortnight, between 60 and 70* oargocs of foreign havo arrived'off tho coast, and thete are now upwards of I,ooft 000 quarters afloat.. Tho stocks, too, of old JLhgltsh wheat have proved larger than was estimated, so that our Own harvest, which will be. commenced almost immediately, will not find ,tho market at all so bare as was expected. Tho yield now about to bo scourod will, it is true, not be equal to the brilliant promise of a month ago, the drought having adversely affected all crops on light soils, but our supplies^ of all' sorts will bo sufficient to keep prioos inuoh under last season's average : and we cannot think lt'Will-be safe to reckon on even present ra,tos being maintained!— Best Adelaide wheat is 68s to-70a per 490 lbs landed-;-best Adelaide flour 49s to 51 s por 230 landed. There will be an onormous Burolns this yearm California, wh'oh will find Its way to this market if anything liko our prosont prices can be secured; !.,